Updated on September 13, Contents Quitclaim Vs. Related posts:. Deed of Trust Priorities. Quieting Title to Forged Deeds of Trust. What is a Deed? What is an Equitable Servitude?
Other Deeds Blogs. Although you can use a Quitclaim Deed to remove your name and ownership rights from a property title, it does not eliminate your responsibility for the mortgage. If you transfer your ownership stake to your ex-spouse and your name is still on the mortgage, the bank may still hold you responsible for missed payments.
During divorce proceedings, a court may decide that your ex-spouse who retains property ownership is solely responsible for all future mortgage payments. Completing a Quitclaim Deed form transfers the property title to the spouse that will retain the property. If you and your spouse agree on who should retain property ownership, a Quitclaim Deed is often the fastest way to transfer the property title.
The spouse who obtains sole ownership of the property can sell or mortgage the property without the approval or consent of their ex-spouse. Sole ownership also allows them to include the property in their Last Will and Testament.
Generally, a Quitclaim Deed is safest for property transfers or low-risk transactions between people who know and trust each other. You can obtain assurance with a Warranty Deed. Yes, to execute the Quitclaim Deed, the grantor needs to sign the deed in front of a notary public. In addition to notarization, some states also require witnesses to sign the deed. Once it has been signed, the deed should be filed with your local County Clerk or Registry Office. Personalize your Quitclaim Deed template.
Print or download in minutes. All Rights Reserved. We provide information and software, and you are responsible for appropriately using this material. Your use of this site is subject to our Terms of Use. Use of this site is subject to our Terms of Use. We provide information and software and you are responsible for appropriately using this material. Note: Your initial answers are saved automatically when you preview your document.
This screen can be used to save additional copies of your answers. Canada United Kingdom Australia 0? Create Free Account. What are you looking for? JavaScript Required You are reading this message because your browser either does not support JavaScript or has it disabled. Quitclaim Deed QGlanding. What type of property is being transferred? What Is a Quitclaim Deed? Related Terms What Is a Deed?
A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership. Grant Deed A grant deed is a legal document used to transfer ownership of real property. What Is a Warranty Deed? A warranty deed is a transfer of title where the seller pledges to the buyer that the property is owned free and clear of all liens.
Grantee A grantee is the recipient of a grant, scholarship, or some type of property. In real estate, the grantee is the one taking title to a purchased property. Unrecorded Deed An unrecorded deed refers to the situation where the title to a property, usually real estate, is not registered with the appropriate records office.
Special Warranty Deed A special warranty deed only warrants against problems in the property title that occurred during ownership of the property. Partner Links. Related Articles. Common-Law Marriage: What's the Difference? Investopedia is part of the Dotdash publishing family.
Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
0コメント